air products & chemicals inc (AP3) Key Developments

Air Products Reports Earnings Results for the Second Quarter Ended March 31, 2015; Provides Earnings Guidance for the Third Quarter and Full Year of 2015

Jul 14 15

Air Products reported earnings results for the second quarter ended March 31, 2015. For the quarter, the company reported net income of $336 million, up 19% versus prior year, and diluted earnings per share of $1.55, up 17% versus prior year for its fiscal second quarter ended March 31, 2015. On a GAAP basis, net income and diluted EPS from continuing operations were $290 million and $1.33, respectively, for the quarter. Second quarter sales were $2,415 million decreased 6% versus prior year, as underlying sales growth of 5% was more than offset by unfavorable currency and lower energy pass-through. Volumes increased 4%, primarily in Industrial Gases-Asia and Materials Technologies, and pricing was up 1%. Sequentially, sales declined 6% on unfavorable currency and lower energy pass-through. Operating income was $442 million increased 15% versus prior year. Adjusted EBITDA was $709 million increased 10% over prior year.
The company now expects capital expenditures for fiscal year 2015 of about $1.7 billion, at the low-end of its previous forecast. For the full fiscal year, the company is maintaining its guidance from continuing operations of $6.35 to $6.55 per share, which at the midpoint, represents a 12% increase over fiscal 2014.
Looking ahead, the company expects third quarter of 2015 EPS from continuing operations to be between $1.55 and $1.60 per share.

Air Products Announces an Agreement to Provide its Proprietary LNG Technology, Equipment, and Process License for Freeport LNG Development

Jun 24 15

Air Products announced an agreement to provide its proprietary LNG technology, equipment, and process license for Freeport LNG Development, L.P.'s Train 3 gas liquefaction and export project. The sale includes Air Products' main cryogenic coil-wound heat exchangers and associated technology, which will be vital in the production of LNG at the facility near Freeport, Texas. Air Products will supply its LNG proprietary AP-C3MR™ liquefaction technology, and its MCR® Main Cryogenic Heat Exchanger will be installed at the heart of the proprietary propane pre-cooled mixed refrigerant liquefaction process. Air Products technology and equipment for Train 3 is scheduled to be onstream in 2019.

Air Products & Chemicals Inc. Announces Opening of Solar-Powered Fuelling Station in India

Jun 18 15

Air Products and Chemicals Inc. has announced the opening of solar-powered renewable fuelling station in India. It is located at the Solar Energy Center near Delhi and part of a project managed by the National Institute of Solar Energy (NISE). The project was also implemented by India's University of Petroleum and Energy Studies (UPES) and funded by the Ministry of New and Renewable Energy (MNRE) of the Government of India.

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